{"id":814,"date":"2019-05-31T15:17:00","date_gmt":"2019-05-31T15:17:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2019\/05\/31\/a-double-whammy-pending-home-sales-and-median-home-values-fell-in-april\/"},"modified":"2025-03-13T02:08:28","modified_gmt":"2025-03-13T02:08:28","slug":"a-double-whammy-pending-home-sales-and-median-home-values-fell-in-april","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2019\/05\/31\/a-double-whammy-pending-home-sales-and-median-home-values-fell-in-april\/","title":{"rendered":"A Double Whammy: Pending Home Sales and Median Home Values Fell in April"},"content":{"rendered":"<h2>A Double Whammy: Pending Home Sales and Median Home Values Fell in April<\/h2>\n<p>Someone once wrote &#8220;April is the cruelest month,&#8221; which could be applied to home sales this year. According to the&nbsp;National Association of Realtors, pending home sales declined in April, a modest change from the growth seen a month before.<\/p>\n<p><!--more--><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-58050 size-large\" src=\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2021\/01\/ZHVI-1024x808.png\" alt=\"pending home sales\" width=\"1024\" height=\"808\">And according to <a href=\"https:\/\/www.zillow.com\/research\/home-values-dip-month-over-month-24120\/?utm_source=email&amp;utm_medium=email&amp;utm_campaign=emm_0519_prdigest_0530_homevaluescta\" target=\"_blank\" rel=\"noopener\">Zillow, the median U.S. <\/a>home value fell 0.1% in April from March, the first monthly decline in seven years and another signal that the housing market continues to cool. Sixteen&nbsp;of the largest 50 metros posted home value declines in April and have had flat or falling home values since January, raising analysts&#8217; confidence that local home values there may have reached a peak, said Zillow.<\/p>\n<p><center><br \/>\n <iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/SN7Hn_Ys7EQ\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen><\/iframe><br \/>\n<\/center>&nbsp; <\/p>\n<p>NAR&#8217;s&nbsp;<a href=\"http:\/\/www.nar.realtor\/pending-home-sales\" target=\"_blank\" rel=\"noopener\">Pending Home Sales Index<\/a>, a forward-looking indicator based on contract signings, fell 1.5% to 104.3 in April, down from 105.9 in March. Year-over-year contract signings declined 2.0%, making this the 16th straight month of annual decreases.<\/p>\n<\/p>\n<div class=\"caption\">\n <img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58044 size-full\" src=\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2021\/01\/NAR-Home-Sales.jpeg\" alt=\"pending home sales\" width=\"750\" height=\"800\"> Pending Home Sales April 2019\n<\/div>\n<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.nar.realtor\/lawrence-yun\" target=\"_blank\" rel=\"noopener\">Lawrence Yun<\/a>, NAR chief economist, said the sales dip has yet to account for some of the more favorable trends toward homeownership, such as lower mortgage rates. &#8220;Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising,&#8221; he said. &#8220;It&#8217;s inevitable for sales to turn higher in a few months.&#8221;<\/p>\n<p>&#8220;Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000. Price conditions are soft on the upper-end, especially in high tax states like Connecticut, New York and Illinois.&#8221; The supply of <a href=\"demographics-driving-a-mismatch-of-housing-inventory\/\">inventory for homes<\/a> priced under $250,000 stood at 3.3 months in April, and homes priced $1 million and above recorded an inventory of 8.9 months in April.<\/p>\n<p>Citing active listings from data at realtor.com\u00ae, Yun says the year-over-year increases could be a sign of a rise in inventory. San Jose-Sunnyvale-Santa Clara, Calif., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in April compared to a year ago.<\/p>\n<blockquote>\n<p>&#8220;We are seeing migration to more affordable regions, particularly in the South, where there has been recent job growth and homes are more affordable,&#8221; Yun said.<\/p>\n<\/blockquote>\n<h4>April Pending Home Sales Regional Breakdown<\/h4>\n<p>Only one of the four major regions \u2013 the Midwest \u2013 experienced growth, while the remaining three regions reported a drop in their respective contract activity. The PHSI in the Northeast declined 1.8% to 88.9 in April and is now 2.1% below a year ago. In the Midwest, the index grew 1.3% to 96.8 in April, 2.4% lower than April 2018.<\/p>\n<p>Pending home sales in the South fell 2.5% to an index of 124.0 in April, which is 1.8% lower than last April. The index in the West dropped 1.8% in April to 93.5 and fell only 1.5% below a year ago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Double Whammy: Pending Home Sales and Median Home Values Fell in April Someone once wrote &#8220;April is the cruelest month,&#8221; which could be applied to home sales this year. According to the&nbsp;National Association of Realtors, pending home sales declined in April, a modest change from the growth seen a month before.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A Double Whammy: Pending Home Sales and Median Home Values Fell in April<\/title>\n<meta name=\"description\" content=\"According to the\u00a0National Association of Realtors, pending home sales declined in April, a modest change from the 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